The Lagos Command of the Economic and Financial Crimes Commission (EFCC) has combed some hubs of Bureau De Change (BDC) operators in Lagos in connection with foreign currency scarcity.
The EFCC operatives were seen at the international and local wings of the Murtala Mohammed Airport, Hadji Camp and the Federal Airports Authority of Nigeria (FAAN) office area of Ikeja.
Other places visited included the popular Broad Street off Balogun Market on Lagos Island and the Federal Palace Hotel on Victoria Island.
EFCC spokesperson, Wilson Uwujaren, was not reachable for comment on the matter but an EFCC source with knowledge of the matter confirmed the visits, telling The Nation that it was one of the agency’s measures to help curb the surge in the foreign exchange rates affecting the economy.
The source said the operatives found that most of the Licensed BDC hubs visited were selling a dollar between N610 and N630, adding that some of the BDC operators explained that they were unwilling to sell because they were out of stock and wary of the uncertainty in the market.
“As of today, those who bought at N700 are now selling at a loss. The current rate is about N610 and 620,” the source quoted an operator.
The source said the operatives found that politicians who were mopping up dollars in preparation for the 2023 general elections were responsible for the fluctuations in the exchange rates.
“They are the ones causing the unnecessary hike in the price and scarcity of forex, because whenever they show up, they are ready to buy at any rate and that is causing collateral damage to the price of goods and services and for the economy and price.
” It was not really a raid; we went to the BDCs to make them understand that just because they feel they are unregulated, that doesn’t mean they can cause collateral damage to the economy and hike in inflation,” the source said.
Wednesday’s action is the second time the agency will visit BDC hubs in less than a week in connection with dollar scarcity.
On July 29, EFCC operatives raided Wuse Zone 4 in Abuja, housing most bureau de change operators in Abuja.
They were said to be investigating claims that some individuals are mopping up and hoarding foreign currency thereby causing a scarcity that is driving up the value of the dollar.
